A company constructs a building for its own use. Construction began on January 1 and ended on December 30. The expenditures for construction were as follows: January 1, $600,000; March 31 $700,000; June 30, $500,000; October 30, $900,000. To help finance construction, the company arranged a 9% construction loan on January 1 for $900,000. The company's other borrowings, outstanding for the whole year, consisted of a $4 million loan and a $6 million note with interest rates of 11% and 6%, respectively Assuming the company uses the weighted-average method, calculate the amount of interest capitalized for the year. (Do not round intermediate calculations. Round your percentage answer to 2 decimal places (ie. O.1234 should be entered as 12.34%).) Date Expenditure Weight Average January 1, 2018 March 31, 2018 June 30, 2018 October 30, 2018 Accumulated expenditures 12/12 600,000 525,000 250,000 150,000 $ 1,525,000 $ 600,000x 700,000x 500,000x 900,000x 9/12 6/12 2/12 $ 2,700,000 apitalized Interest Average Interest Rate Average accumulated expenditures 1,525,000